San-Francisco-based Chipper Cash has acquired $6 million seed funding. The funding round was led by Deciens Capital and supported by 500 Startups, Raptor Group and Liquid 2 Ventures. The platform will use the fund to grow its team and expand into Southern Africa.
Chipper Cash offers mobile-based, cost-free P2P payment services. It had raised $2.4 million in May 2019, making its total seed fund amount to 8.4 million. Maijid Moujaled and Ham Serunjogi co-founded Chipper Cash in 2018. It now has more than 600,000 active users and has processed over 3 million P2P no-charge cross-border mobile money payments.
See Also: San Francisco-based Chipper Cash to offer P2P Payments in Nigeria
Speaking about their business model, Serunjogi had this to say:
By offering our product for free, we’re not in a pricing war or competing on a dollar-to-dollar basis. We’re in a pure utility war on who can provide the most value to our users. We’re quite comfortable with our position, and our long-term value proposition will speak for itself over time.
It serves customers across Ghana, Uganda, Tanzania, Rwanda, Kenya and recently Nigeria. The company is yet to disclose the South African countries it will soon enter. But the digital finance markets will translate into new opportunities.
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